Usually I have into micro students create a very detailed firm project. The students have to created the charts and the graphs to go along with the production function . I’ve decided that you guys can skip this product, but answer the following questions as if you did have to create the project.
What is your firm called?
What would it produce? What inputs and capital would you need? What would your fixed costs be and how much would your variable costs be for 100 units? What are your total costs for the first 100 units? How much would you sell your product for? How many years do you think it would take to turn a positive accounting or economic profit?
Estimates are fine. You can be as creative as you wish. It is a great way to understand the production process outlined in this chapter.
After you have posted, read through a few of your classmate’s posts. Comment on the project that you like the most. The student with the most comments on their post will get extra credit!
Discussion points are given on effort, so please be detailed. Please do not edit your original post, as this is a way a number of students have cheated and copied another student’s work.